What's that, Mitch?

And now for some good news from Washington. The White Houseis finally listening to Paul Volcker:

Declaring that huge banks had nearly brought down the economy by taking huge, reckless risks in pursuit of quick profits and massive bonuses, President Obama on Thursday proposed legislation to limit the scope and size of large financial institutions.The changes would prohibit bank holding companies from owning, investing, or sponsoring hedge fund or private equity funds and from engaging in proprietary trading what Mr. Obama called the Volcker Rule, in recognition of the former Federal Reserve chairman, Paul A. Volcker, who has championed the restriction.

Cue the standing ovation from the tea-party right, right? Probably not. But an even nicer sound: the silence of the Grand Old Populists on Capitol Hill.

Matthew Boudway is senior editor of Commonweal.

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